Great Atlantic & Tea tops Q1 earns est.

The Great Atlantic & Pacific Tea Company
GAP, +8.53%
reported fiscal first quarter earnings that topped consensus analyst expectations as comparable-store sales increased amid intensified competitive activity. Net income for the quarter ending May was $1.88 million, or a nickel a share, versus a loss of 3 cents a share in the same period a year earlier. Excluding one-time charges and a gain from a sale of an equity investment, earnings were 14 cents a share, a penny above the average analyst forecast compiled by Thomson Financial/First Call. Total revenue fell 2.9 percent from last year to $3.3 billion, while comparable-store sales increased 0.2 percent. The stock closed Friday down 31 cents at $15.19.

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